The USD/JPY pair rose during the course of the day on Tuesday, breaking above the 102 level finally. However, the market still see is a significant amount of resistance just above, and is going to be a fight to get back to the 103 level. Because of this, we feel that this market could very easily pullback, and with nonfarm payroll Friday coming up, we are hesitant to be involved in this particular market. All things being equal, we are bullish, but we recognize that there is going to be a struggle overall. We are on the sidelines and waiting to see if we get a pullback before Friday’s announcement.
